(For Information: My First Home Scheme ends on April 1, 2023)
The My First Home Scheme, introduced by the government in 2011, allows first-time homebuyers to obtain full financing from banks (Full Loan). Nearly all banks in Malaysia offer this scheme to facilitate and encourage homeownership among the citizens, eliminating the need for substantial upfront cash to own a house.
Eligibility Criteria:
- Malaysian citizen.
- First-time homebuyer.
- Salaried employees or self-employed individuals.
- Individual or joint applicants (with immediate family members).
- Residential and owner-occupied property.
- Undercon (New Houses) or Subsales (Second-Hand Houses).
- Property value up to RM500,000.
- Gross household income of up to RM10,000 for single applicants or joint applicants for properties valued above RM300,000.
- Financing of up to 110% (For financing above 100% up to 110%, it's only applicable to applicants with a household income of less than RM5,000 and purchasing properties valued at RM300,000 or less).
- No adverse financing records within the past 12 months.
- Maximum loan tenure of 35 years or the applicant must not exceed 70 years old at the end of the financing period.
- House sale moratorium of 5 years.
- Compulsory fire protection insurance/takaful.
(For Information: My First Home Scheme ends on April 1, 2023)